At a Glance

UBS maintains a constructive view on equities while highlighting the need for diversification amidst macroeconomic uncertainty and high market concentration. They recommend capitalizing on bond yields and broadening exposure into alternatives and innovation themes.

Key Takeaways

• 1.Macroeconomic uncertainty is likely to persist as growth softens in the US due to fading fiscal support and elevated inflation.
• 2.Equity markets remain supported by earnings, but diversification across AI value chains and regions is essential due to high concentration.
• 3.The recent bond market sell-off provides an opportunity to lock in yields, particularly in short- and medium-maturity segments.

Table of Contents

• Market performance (year-to-date)
• Global economic outlook
• Forecasts, by region
• The month's top three questions:
• Our top investment ideas for the second half
• Appendix

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